The The Saudi Central Bank announced new regulations to combat financial fraud and protect bank customers, including a suspension of remote account openings and the imposition of limits on the total daily transfer amounts for individual and sole proprietor accounts, capped at sixty (60) thousand riyals; customers may request that the bank raise this limit.
The Central Bank noted that these additional precautionary measures were taken in response to an observed increase in fraudulent websites and social media accounts, as well as the persistence of financial fraud cases targeting bank customers through various methods and means, such as social engineering, in which the fraudster tricks the customer into believing they are dealing with official or private entities or trusted individuals, and obtain their personal information; this results in financial fraud rings gaining access to bank account login credentials and verification codes, which they then use to carry out financial fraud against customers" accounts.
The Central Bank emphasized to bank customers the need to exercise caution and vigilance against these fraudulent schemes and not to carelessly disclose banking and personal information, such as PINs and verification codes, to any person or entity, while also ensuring the reliability of the websites they use.
